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Finances: True or False Quiz

I just took the money bunk quiz at http://www.kiplinger.com/quiz/truth_bunk/index.html?qid=13. The only one I got wrong was the mortgage question. Go ahead and give it a go yourself.
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Chaim B. said…
Ridiculous quiz! The answers are matters of opinion, not fact. Example: an investment strategy that places 100-your age % of your portfolio in stock is a wrong answer because it is too conservative -- tell that to the seniors who lost over 40% of their stock's value the past 3 years.
November 16, 2009 at 4:10:00 PM EST
Ariella's blog said…
It's true that some of the answers depend on circumstances. I guessed that right to say that it is not always better to buy rather than lease a car. People who want a new car every 2 years are better off leasing. But my answer that a fixed rate mortgage is always better was considered wrong if the house purchaser was going to sell the house before the ARM would go up. But if it doesn't pay to buy a car for two years, it usually also doesn't pay to buy a house for 3 years or less. It is not certain it will keep its value, and taking out a mortgage entails thousands and thousands in closing costs. NY adds on thousands for a mortgage tax, as well.
November 16, 2009 at 4:42:00 PM EST
DINKS said…
Hah! I got like 50% right when I did it last year ;) Good job.
November 16, 2009 at 9:22:00 PM EST
Ariella's blog said…
Thanks for commenting, J Money. I really like your blog.
November 16, 2009 at 9:27:00 PM EST
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